Pursuant to 5
CFR 1320.11(c), OMB files this comment on this information
collection request (ICR). The agency shall examine public comment
in response to the NPRM and will describe in the supporting
statement of its next collection any public comments received
regarding the collection as well as why (or why it did not)
incorporate the commenter’s recommendation. The next submission to
OMB must include the draft final rule.
Inventory as of this Action
Requested
Previously Approved
36 Months From Approved
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A number of States have enacted
statutes providing for the creation of entities that may establish
series, including limited liability companies (series LLCs). In
general, series LLC statutes provide that a limited liability
company may establish separate series. Although series of a series
LLC generally are not treated as separate entities for State law
purposes and, thus, cannot have members, each series has
‘‘associated’’ with it specified members, assets, rights,
obligations, and investment objectives or business purposes.
Members’ association with one or more particular series is
comparable to direct ownership by the members in such series, in
that their rights, duties, and powers with respect to the series
are direct and specifically identified. If the conditions
enumerated in the relevant statute are satisfied, the debts,
liabilities, and obligations of one series generally are
enforceable only against the assets of that series and not against
assets of other series or of the series LLC. REG-119921-09 contains
proposed regulations regarding the classification for Federal tax
purposes of a series of a domestic series limited liability company
(LLC), a cell of a domestic cell company, or a foreign series or
cell that conducts an insurance business.
US Code:
26
USC 162 Name of Law: Trade or business expenses
The information that is
proposed to be disclosed on an annual Series Statement should be
known by or readily available to the series and the series
organization. The Series Statement would require an annual
disclosure of (1) The name, address, and taxpayer identification
number of the series organization and each of its series and status
of each as a series of a series organization or as the series
organization; (2) The jurisdiction in which the series organization
was formed; and (3) An indication of whether the series holds title
to its assets or whether title is held by another series or the
series organization and, if held by another series or the series
organization, the name, address, and taxpayer identification number
of the series organization and each series holding title to any of
its assets.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
Supporting Statement reviewed.doc
Cell Captive Insurance Arrangements